The market plunged deeper into despair last week as fixing activity in the sectors above 2,000teu stalled again. Lack of orders and weakening sentiment prompted Contex brokers to mark the average period rate for geared 2,500teu vessels down to $14,749/day, with the more bearish elements calling the market slump a "free fall" Average rates in this category have almost halved since the beginning of the year, and with the carrier alliances embarking on capacity reductions, there's little hope of demand returning in coming weeks.
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